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Meltdown: Bitcoin crashes to $576


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Would be good for crypto to fall another 50%.  
that would remove some inflationary pressures. 
it would also teach some good lessons 

😁😎

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On 11/21/2022 at 8:05 AM, Ct3833 said:

 

Declare bankruptcy at 26 year old  so early? I thought he only usese his own money ,  didnt borrow from anyone.

26-year-old investor files for bankruptcy as FTX meltdown puts focus on Singapore's digital asset stance

https://www.asiaone.com/money/not-open-crypto-speculation-all-ftx-meltdown-puts-focus-singapore-s-digital-asset-stance

Haha, i read this article earlier. And think the editor prob got things mixed up, and plonked in a juicy header. I think it has since been corrected.

'But management trainee Jacob was unable to withdraw all his $50,000 before FTX collapsed and filed for bankruptcy'

There was nothing written in the article at all that said the fella jocab filed for bankruptcy , the editor prob looked at the liner above and mixed up with FTX bankruptcy with Jacob and put in a misleading headline, cos i dont think the journalist writing this article could have made this mistake. 

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https://cointelegraph.com/news/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit

Binance CEO explains 127K BTC transfer, points to proof-of-reserve audit

A few weeks ago, CZ declared that it’s bad news when exchanges move large amounts of crypto to prove their wallet address.

Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to its CEO, Changpeng “CZ” Zhao.

Binance sent 127,351 Bitcoin, or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Nov. 28. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance a fee of just 0.000026 BTC ($0.42).

The huge Bitcoin transaction immediately triggered FUD — fear, uncertainty and doubt — among the community, with many noting that Binance moved an entire fortune’s worth of BTC in one single transaction.

CZ subsequently took to Twitter to announce that the massive transaction was part of Binance’s PoR audit process. He also called on the community to keep calm and ignore the FUD, stating:

“The auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change."

The CEO also referred to an old tweet he posted four years ago, calling on the crypto community to “learn about blockchain transactions” and “change addresses.”

“We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and back an existing wallet, then a large transaction. No need to be alarmed,” CZ wrote in a tweet in October 2018.

In response to growing concern in the replies, the Binance CEO posted another tweet, arguing that investors who “believe FUD all the time” are also “likely to be poor.”

The latest Binance transaction has apparently raised the eyebrows of investors, as CZ himself earlier declared that it’s bad news when exchanges move large amounts of crypto to prove their wallet address. On Nov. 13, CZ tweeted: 

“If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.”

Binance‘s large transaction comes shortly after former Kraken CEO and co-founder Jesse Powell argued that Binance’s PoR approach was “pointless” without liabilities.

A number of industry experts, including DAO Maker’s Hassan Sheikh and Jan3 CEO Samson Mow, are also confident that exchanges’ PoR practices are useless without liabilities because it’s very difficult for exchanges to fake liabilities.

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On 11/20/2022 at 8:36 PM, Windwaver said:

“Last year, I was on track to making my first million by about 30 years old. Now, I’m resetting from zero,” said Jacob, who graduated from university in 2021. “I’m probably going to sell my car to save more money and accumulate all over again.”

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Strawbeberries. Kids likes to dream huh. And love the blame game

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On 11/20/2022 at 8:36 PM, Windwaver said:

“Last year, I was on track to making my first million by about 30 years old. Now, I’m resetting from zero,” said Jacob, who graduated from university in 2021. “I’m probably going to sell my car to save more money and accumulate all over again.”

 

 

only when the tide goes out do you discover who's been swimming naked.

Buffett is always right lolll

 

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5 minutes ago, Scion said:

 

only when the tide goes out do you discover who's been swimming naked.

Buffett is always right lolll

 

in cryptos … 99% swim naked … lol

the 1% jiak ka ba ba laughing to the bank …

showoff their private plane, RR and Bentley

pump and dump their own shitcoin and then delete their twitter page 

Edited by Wt_know
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9 hours ago, Ct3833 said:

One more going to bite the dust soon.

......Hong Kong cryptocurrency exchange AAX in limbo after FTX crisis forces withdrawal freeze, executive departure

https://www.scmp.com/tech/tech-trends/article/3201360/hong-kong-cryptocurrency-exchange-aax-limbo-after-ftx-crisis-forces-withdrawal-freeze-executive

Confirm, one by one drop like flies if they dont ensure solid compliance and risk coverage.  Crypto Exchanges like banks in the real world are linked.

i mean, these guys are all born out of a go for broke attitude.  Go for broke, sure be broke one day, no other way.

every single guy who told me that they are going all in in one investment,i always give them my advice not to.

its elementary.   
 

The smart ones who make it while going for broke, dont ever go for broke again becos they know, you dont beat the devil twice in his game and even if you do, the price to pay is always bigger.

 

muayhahaha….

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all the influencers in youtube TCSS how to retire with “yields” generated from BTC, USDT and LUNA (previously) …  all go broke liao!

lol

Edited by Wt_know
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3 hours ago, Spurman said:

Strawbeberries. Kids likes to dream huh. And love the blame game

 

3 hours ago, Scion said:

 

only when the tide goes out do you discover who's been swimming naked.

Buffett is always right lolll

 

Like what this gentleman said :grin:

 

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54 minutes ago, Scion said:

if Binance toh, we really can see fire sales of Rolex and BM liao 😁 

more scary is you jump, i jump .... [sweatdrop] 

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